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Comex Gold Trades Near Steady as U.S. Economic Data Awaited

(Kitco News) Comex December gold futures are not straying too far from unchanged price levels in quieter early U.S. dealings Wednesday. Traders are awaiting several U.S. economic reports due out Wednesday. Wednesday is the last trading day of the month, which could see some larger trading firms making position adjustments during the trading session. December gold last traded down$0.80 at $1,829.00 an ounce. Spot gold last traded down $9.30 an ounce at $1,826.50. December Comex silver last traded down $0.224 at $41.24 an ounce.

The precious metals traders are taking a bit of a break in quieter action early Wednesday following strong gains posted on Tuesday.

Stronger U.S. stock indexes Wednesday morning are somewhat limiting investor and trader demand for the safe-haven precious metals, as the stronger U.S. stock market suggests better risk appetite is presently in the market place.

The U.S. dollar index is trading near steady Wednesday morning. The greenback bears still have the strong overall near-term technical advantage. That’s an underlying bullish factor for the precious metals.

Crude oil prices are trading lower Wednesday morning. Even though precious metals traders’ focus has turned a bit away from crude, this market will continue to be a major “outside market” force for the precious metals.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP national employment report, the ISM New York business index, the ISM Chicago PMI index and manufacturers’ shipments and orders.

The London A.M. gold fixing was $1,826.00 versus the previous P.M. fixing of $1,825.00.

Technically, December gold futures prices on Tuesday closed nearer the session high as the bulls have made a strong recovery from last week’s spike low on the daily chart, to suggest last week’s low will become a “reaction low” on the daily bar chart. If prices can continue to work sideways to higher in the near term, then bulls would gain confidence the uptrend on the daily chart has been restarted. Bulls’ still have some upside momentum and their next near-term upside technical objective is to produce a close above solid technical resistance at $1,850.00. Bears’ next near-term downside price objective is closing prices below solid technical support at this week’s low of $1,778.10. First resistance is seen at this week’s high of $1,845.10 and then at $1,850.00. First support is seen at the overnight low of $1,825.00 and then at $1,817.60.

December silver futures prices on Tuesday closed nearer the session high. The silver bulls have the solid overall near-term technical advantage. Prices are in a choppy, two-month-old uptrend on the daily bar chart. Bulls’ next upside price objective is producing a close above strong technical resistance at the August high of $44.295 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $38.81. First resistance is seen at the overnight high of $41.555 and then at this week’s high of $41.85. Next support is seen at $41.00 and then at Tuesday’s low of $40.455.

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